12.1 New product, system and process approval

The issuer of ARTs should have policies and procedures for the assessment and approval of new products, processes, and systems, including on the new issuance of ARTs and related processes and systems.

The approval process should consider all the risks, including legal and ICT risks, in the launch of new products and in the implementation of new processes and systems, and include risks related to people, processes, systems and external events.

The approval process should also consider effects on the delivery of critical or important functions and on their interconnections and interdependencies as well as changes to the issuers of ART s’ operational risk profile, including changes to the risk related to existing products or activities, the necessary internal controls, risk management processes, and risk mitigation.

The issuer of ARTs should ensure the assessment of the evolution of risks associated with new products, systems and processes over time throughout the full life cycle of a product, activities or services.

The issuers of ART should have a strong internal control system in accordance with Title V also with regard to new products, processes and systems to ensure that the issuer of ARTs has efficient and effective operations; safeguard its reserve of assets; produce reliable information and comply with applicable laws and regulations.